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HomeMy WebLinkAboutCJs Construction, Inc - Rental HousingA 14 ,JA N 2 0 2012 H in g Project Name: n)trnpr� care pT ,i_ wo— Type of Project (check one): 10 Homeownership 4 Rental 0 Tenant Based Rent Asst. 0 Rehabilitation (Rental and Rental Rehabilitation projects require the completion of a rental housing pro forma) 1. Lead Applicant Name: CI'S Construction, Signature (please use blue ink): Applicant Address: 955 236th St, Smote 3, Contact Person: Cory Hodapp Liberty, IA 52317 Title: President Phone Number: 319-631-3149 Fax Number: 319-665-8509 E-mail Address: cjs_construction@yahoo.com DUNS Number: 2. Secondary Applicant (if applicable): N/A Signature (please use blue ink): Applicant Address: Contact Person: Title: Phone Number: Fax Number: E-mail Address: 3. Type of Applicant (check ones / Community Housing Development Organization V' Private for -profit, individual or partnership applicant 0 Private non-profit organization 0 Public Organization 16 4. Amount of HOME/CDBG Funds Requested: $650,000.00 5. Did you attend the Applicant Workshop? 0 NO YES - Please indicate date attended: 0 12/29/11 or 041/09/12 6. Provide a brief description of the proposed project & complete the table below. An elderly memory care facility primarily for Alzheimer & Dementia patients that need additional care versus the traditional nursing home. Total Number of Units Proposed: 40 Type of Units: Ground Level Single Rooms with communal living. Number of Units: 40 Single Room Occupancy 40 Efficiency 0 1 - Bedroom 0 2 - Bedroom 0 3 - Bedroom 0 4+ Bedrooms 0 h Section 1- Need/Prior!ty'` 7. Tell us why this project is needed (include information from CITY STEPS, the Iowa City Metro Area Affordable Housing Market Analysis (December 2007) by Mullin & Lonergan Associates, and/or other market studies that identifies the need for this type of housing in Iowa City) and how it will fill this need in the City's housing market. There are many area facilities that care for the elderly of Iowa City and Johnson County. Most of them have a wing or division they have dedicated to Memory Care in some capacity. However, after researching these facilities most of the beds are full and the majority is not affordable. Some Memory Care facilities have rents as high as $4,900/month. While great for the facility and the ability to obtain the funds they need to carry out daily activities there are not many facilities that specialize in Memory Care and do so at a cost affordable to the seniors of our community that live off social security and government aid. Based off public survey needs noted in the City Steps online version 64% of residents believe there should be more affordable housing for the elderly and also 76% think this should happen through rehabilitation of existing buildings that sit vacant. The site we are proposing will fulfill both of these public concerns. The Steps Plan also shows that 64.9% of the elderly are extremely low income and face housing problems. We are not just providing housing, but this will involve communal living, meal plans and on staff nursing care 24-7. We intend to participate in the Section 8 Housing Choice Vouchers Program to assist in the accessibility of the unit to as many elderly in need as possible. While 90% of the rents will be at or below 60% of the median income guidelines we know there are many others in need at the 50% and below or even the 30% and below. That is why we will attempt to help applicants at each level. 8. Please specify the one most applicable priority need and priority need level, as shown in the 2011-2015 CITY STEPS Plan. 03A Senior Centers 570.201fc) Priority Need Medium Priority Need Level (High, Medium or Low) 9. Please provide the requested loan terms and affordability period: 17 • • Loan Affordability Principal Interest Amortization Period Yearly Amount Rate (Years) (Years) Payment Terms $650,000.00 3% 40 20 $2,300 Requested* *Financing terms will be based on project feasibility and the ability to repay the loan. Terms approved by City Council may be different than what is requested. 18 10a. Please complete the table below showing the types and amounts of funding being requested for the proposed project. Please check the appropriate box if the funding source is committed. If not committed, please indicate when the applicant will apply for funds in Question #15, Project Timetable. Funding Source & Type of Funds: Funding Amount Interest Rate Amortization Term Committed? Iowa City CDBG or HOME Funding (public) $650,000.00 DYes vNo State of Iowa HOME or CDBG (public) $0 DYes ONO IFA — Low Income Housing Tax Credits (public) $350,000.00 DYes (?5No Bank Loan (private) $1,100,000.00 Yes ONo Applicant Contribution of Equity (private) $223,086.80 Yes ONo Other Public Resources (please list) $0 DYes ONo Other Private Resources (please list) $0 OYes ONO TOTAL $2,323,086.80 a10b. Please provide the uses of funds for the project. 14 Uses of Funds Amount Acquisition: Building Acquisition $70,000.00 Land Acquisition $380,000.00 Site Improvements $85,000.00 Construction $1,323,950.00 Professional Fees (Finance Fees Included) $106,000.00 Construction Finance $ Included above Permanent Finance $ Included above Developer Fee $254,610.00 Reserves $53,086.80 Other (please specify): Soft Costs $50,440.00 TOTAL (Must equal TOTAL in 10a.) $2,323,086.80 19 Amount of Private Funds Amount of Public Funds Total Project Funding Number of bedrooms Total public cost per bedroom Total Cost Per Unit $1,323,086.80 $1,000,000.00 $2,323,086.80 40 $25,000.00 $58,077.17 loc. What percentage of the proposed budget will be made up of private funds? (a) (b) (c) a + b (d) (e) b : d (f) c - # Units 57% 11. If volunteers are used please describe how these volunteers are utilized for the proposed activity and estimate the amount of volunteer time and value dedicated to the identified tasks. Unskilled labor hours x $10 per hour = $ Skilled labor ( ) hours x $_ per hour = $ Skilled labor ( ) hours x $ per hour = $ Skilled labor ( ) hours x $_ per hour = $ Total 12. Please identify any identity of interest (IOI) relationships with the applicant and/or project owner, i.e. General Partner has a financial interest in the Construction Company, etc. The applicant, project owner and construction company will be one in the same, CJ's Construction, Inc. The marketing and directing manager has not been named at this time. The business will operate under a separate entity which will still be owned and operated by Cory Hodapp, president of CJ's Construction, Inc. 13. Describe what efforts have been taken to secure private or other public funding. The applicant has secured private funding for the remaining balance subject to receiving funds through the CBDG with the City of Iowa City. 14. Program regulations require a 25% match for HOME funding. Describe how your organization or the proposed project will help the City of Iowa City meet this match requirement for local HOME funds. Local HOME funds requested: $ x .25 = $ 0 Local Match 15. Briefly outline the proposed timetable for the commitment and expenditure of the funding being requested (include other project factors such as rezoning, construction schedule, or application(s) for other funding). If applicant plans to apply for funds not committed to the project yet, include the anticipated date for application. Please Note: If funded, this schedule will be used for any project agreement for the use of CDBG\HOME funding. 20 r Date: Description of Activity: July 1, 2012 Beginning of City Fiscal Year and Project Start Date July 1st — 20th Demolition of the interior walls & roof line of the current structure. July 21st — Nov 15th Construction of the additional wing to the current structure and the new roofline. Nov 16th — Dec 301h Interior reconstruction and design. Hiring of Nursing Staff & Employees. Jan lst — Jan 315t Set up of the rooms, kitchen equipment, & the purchase of required equipment. Feb 1s' - Open for leasing to the elderly public Based off initial meetings with City staff there would not need to be re -zoning of the current site. Closing and possession of the site will happen prior to funding of this program. We intend to also apply for IFA funding, in which case the deadline is February 61h, 2012 for our application. 16. Briefly describe the project goals for providing or assisting in the preservation or expansion of affordable housing in Iowa City, and how the project will benefit the targeted income group (e.g. goal of providing rental housing to lower income persons without use of Section 8 rental assistance or level of subsidized rent compared to market rates). Right now the goal of this program is to create affordable elderly housing to a specific area of memory care. Hopefully with rent of $592/month and additional expenses of $580/month for housekeeping, staff, nursing care, food and limited transportation the elderly we are targeting will be able to afford this off insurance and social security benefits without the use of Section 8 assistance, however we are open to that or whatever means necessary to provide affordable housing to this targeted group. This facility is a 40 unit care facility so for the next 5 years it will provide space while preserving a current building that is no longer occupied. Many care facilities are at max capacity and very few provide affordable care. 17. To help promote the efficient use of federal, state and local funding please describe how the project will maintain long-term (in excess of CDBG\HOME program requirements) or permanent affordability; and, show how the project will provide for affordable housing at rental rates or purchase price for owner -occupied housing units lower than those in the existing market. In order to open the doors to a facility like this while keeping it affordable for the elderly the requested funds are key to the facilities success. An elderly memory care can easily be opened and typically charge up to $4,900/month however that is not affordable to the majority of the elderly population. The reason so many of these facilities struggle or don't exist at reasonable monthly rents specifically for memory care is because of the huge start up expense of full time staff and other necessary things without being at full occupancy the first 3 to 5 years. Without state funding it is hard for a business to be affordable unless it is State operated. With the initial start up costs the business can stay in operation until full occupancy at which time the care facility will be capable of cash flowing. 18. Explain why this project needs and is worthy of the requested public subsidy. There is a huge need for elderly housing in Johnson County. Many patients with special needs such as alzheimers get thrown in the mix with elderly patients in a typical nursing home. Many of these people are not to the age they would normally be in a nursing home, but they cannot care for themselves anymore with the daily required tasks, such as regular meals or medications. This facility will help with the quality of life for these patients. Every 69 seconds an American is diagnosed with Alzheimers, according to the American Alzheimer's Association. This isn't an independent care facility, but for many to have other elderly people they can relate too will help tremendously. 19. If funding is granted for this project, what steps are in place to decrease the likelihood it will require further subsidy in the future? Will full capacity it is expected the property will cash flow with ease. The problem is always the first 5 years of start up where many businesses fail or banks will not lend money because the risk of failure without additional 21 subsidy. The need for this is recognized by professionals and the public, but initially it is a problem to cash flow business. Once running additional funding should not be required so long as occupancy is met. 20. If partial funds are awarded, will the project/program continue? 4Yes 0 No .• If yes, at what level? N(A a�- -tv\V . OLIP(OY(abi b" / vieeded. Reminder: Rental housing (including rental rehabilitation) projects MUST complete and submit the pro forma (excel format) provided by the City with this application. Rental housing applications submitted without the City's pro forma will not be considered. - m refit to Wdv Orr 66nity 21. An objective of the City of Iowa City Comprehensive Plan is to promote a diversity of housing types and mix of all income levels. Please describe the target population this project is to serve and how the project will promote diversity within the neighborhood. The targeted population is the elderly suffering from memory care. Currently the neighborhood is a mix of single family residence and rental housing. The proposed site is a vacant commercial building that would add diversity in housing versus adding more commercial or student targeted rentals. 22. On the map provided, please show the location of the proposed project. Please see the attached map. 23. Also, please indicate the number of persons or households that will be served by the proposed project by income category. (Please Note: If this application is funded, the information in this table will be used as income targeting for the CDBG\HOME Agreement). Number between 0 - 30% median income 00 households (a) Number between 31 — 50% median income 00 households (b) Number between 51 — 60% median income 36 households (c) Number between 61 - 80% median income 04 households (d) Number between 80 - 100% median income 00 households (e) Number over 100% median income 00 households (f) Total 40 households (g) Percent LMI 100% (a+b+c+d) = g It is planned to have 90% of the units rented out below the 60% median income level. It is presumed that we will get applicants below the 50% median income or possilbly the 30%, but with 90% estimated below the 60% median income we will meet the HOME financing guidelines. 24. Does the proposed project pay full property taxes? iYes 0 No 22 If YES, what is the estimated value of taxes generated from this Project? $35,000.00 17 If NO, does the proposed project make a Payment In Lieu Of Taxes or pay at a reduced rate? 0Yes 0 No If yes, what is the percent of full taxes paid? % and amount paid is $ 25. Does your project represent an innovative solution to meet the specific need it is intended to satisfy? If so, please explain. Yes, it will strictly be targeted at elderly memory care. This will be specified in the rental application without exceptions. We have worked with two independent elderly housing consultants to structure targeting those in need. We will also be hiring one of them to structure and direct the facility while managing the hiring of staff. 26. Please select one main objective, outcome, and output indicator for the proposed project. Second, provide specific project indicators in the narrative (i.e. number of units to be rehabilitated, number of households assisted, number of units constructed, etc.) This project will be the rehabilitation of an existing commercial building and the construction of 40 memory care units for the elderly. Objective: 0 Suitable living environment Outcome: 0 Availability/accessibility Output Indicator: 0 Persons Decent affordable housing Affordability 0 Households 0 Creating economic opportunities 0 Sustainability Housing units 27. Please list amount of CDBG and/or HOME funds received within the last four City fiscal years and the status of the project(s) undertaken. (City fiscal year July 1 to June 30) These funds were all throuah the CBDG Sinnle Familv NPw (-nnctriirtinn Prnnram Fiscal Year Funds Recv'd Budgeted Amount Amount Expended (as of 12/31/11) Date All Units Completed FY09 (July 2008 — June 2009) $0 $0 FY10 (July 2009 - June 2010) $326,970.00 $ 12/15/2009 FY11 (July 2010 - June 2011) $0 $0 $405,000.00 11/15/2011 FY12 (July 2011 - June 2012)* $450,000.00 *Six months remaining in FY12 at time of this application. 28. Is the applicant (including partners, co -applicants, etc.) currently in compliance with all feyleral, state and local laws, rules and regulations, including any CDBG and/or HOME funded projects? �j Yes 0 No If "NO" or a matter is currently in litigation please give the name of the case and explain the basis for the case. 23 29. If the applicant has not received HOME/CDBG funds in the past three years, please provide evidence of your organization's administrative capacity, financial skills, commitment and/or experience to undertake and to complete the proposed project within the established timetable and budget. • 11 30. Please describe your organization's structure, officers and staff, as it relates to the overhead cost for this project. Us Construction is a general contractor with extensive experience with projects of all sizes. Currently we subcontract all the work out for construction, demolition and remodel. The Owner, Cory Hodapp oversees all projects, we have 1 full time secretary and enlist the help of Bergan Paulsen for all tax accounting purposes. All bills are received, processed and paid by the secretary. Each bill is reviewed and authorized by the owner prior to payment. Bergan Paulsen reviews the books for proper accounting records. 24 O OAi N � N N W N O n H H H H H H H H Wcl H ro H m H _ H W H H n H O O n H o H j t7 A O n A O N t7 N W O a? m W W N m m m m t7 0 H Oi m H H m N H N H N n (D H N a H t� Iq H n W .- H tC � H b V H 1� n H N m H Ol H O H O o n O H O O O A O1 N H fG O N H ; o � 00 } m O 1 m H O A n W H H m O N m H N O t7 N H f7 O m Cl H W m N m H A m N N H V t7 v V H N IN O t7 H O aD W H O (7 ItO O H N O m H v v m H a e I(I H m m O l7 H m N V N O O N m t7 m f7 W t7 In O n tG m N N 1� m O m N O N No O W W O A c l7 m A O O CI m O O m O N W O t7 m N �O I m N v Lq O m m O N y O ; H H H H H H H H H H t7 H H m m H m H O H O O O A H O O a n m H f7 N H k b �J N n H m A t? 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